Automotive Coatings Market size worth over $30 billion by 2026
Published Date: August 12, 2020 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the Automotive Coatings Market size is set to surpass USD 30 billion by 2026. .Rising automotive industry and shift in consumer perceptions towards vehicle customization is likely to augment market share.
Easy availability of automotive loans and rising demand for low maintenance vehicles is likely to boost the automotive coatings market demand. Consumers are rapidly adopting economical coating solutions to protect their vehicles from rust and also prolong life of sensitive parts. Industry players are rapidly investing in developing coatings solutions for small metal & plastic parts which aid in increasing lifespan under high pressure conditions.
Waterborne automotive coatings segment is likely to grow with CAGR of 6% owing to growing demand for sustainable coating solutions. Waterborne coatings solution does not contain volatile compounds and possesses low residual toxicity which makes it easier to market. Furthermore, rapid adoption of sustainable products in paint shops and gradual shift towards non-toxic solutions is likely to boost automotive coatings market share.
Increasing adoption of durable coating solutions in commercial OEM vehicles and rising demand for high performance automobiles is likely to boost the automotive coatings market demand. Industry players are rapidly innovating with their product line by offering solutions for plastic & metal parts in order to gain competitive advantage and strengthen brand image.
Stringent regulations in Europe on use of volatile solutions and strict compliances on trade is increasing competition in market. Manufacturers are trying to develop solutions that comply with current regulations in order to retain their position in competitive industry landscape. Furthermore, increasing compliances in automotive sector is making industry players to develop indigenous technology to capitalize on emerging trends in the automotive coatings market.
Browse key industry insights spread across 130 pages with 141 market data tables and 25 figures & charts from the report, “Automotive Coatings Market By Technology (Solventborne, Waterborne, UV-Cured), By Product (Electrocoat, Primer, Clearcoat, Basecoat), By Application (Plastic, Metal), By End-Use (Commercial OEM, Automotive Refinish, Light Vehicle OEM), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2015 – 2026” in detail along with the table of contents:
Increasing demand for corrosion, water, and moisture resistant high-performance solutions to boost the basecoat coatings product demand
Basecoat segment is likely to surpass USD 13 billion by the end of 2026 owing to its high performance and long-lasting nature. It provides extra protection from environmental susceptibilities and is economical in nature. Furthermore, it’s resonance with different types of automotive paints and compatibility with both metal & plastic makes it easy to apply.
Increasing technological prowess in manufacturing advanced basecoat solutions that not only provide enhanced protection but also improve aesthetic appeal is likely to boost the automotive coatings market sales. Manufacturers are rapidly engaging in collaborations with local & international players to diversify their product portfolio, increase geographical presence, and boost brand equity.
“As per industry forecasts, automotive coatings from basecoat is likely to grow with CAGR of 5% by the end of 2026 owing to increasing demand for advanced and long-lasting coating solutions”
Increasing inclination towards electrical vehicles and supportive government regulations to increase product penetration in Europe
Europe automotive coatings business is likely to grow with CAGR of over 4.5% owing to shift towards electric vehicles and sustainable coating solutions. Consumers in this region are rapidly moving towards lightweight, fuel efficient, and alternative electrical vehicles. To capitalize on this trend, industry players are introducing low toxicity and sustainable automotive coatings which is likely to accelerate the automotive coatings market revenue.
Rising disposable income & changing perceptions towards high performance vehicles is likely to boost product demand. Manufacturers are developing coating solutions that protect sensitive metal or plastic parts from extreme cold temperatures, frost, and rust. Furthermore, industry players in the region are entering into long term contracts with suppliers to continue production within limited means and remain competitive in post COVID economy.
“As per industry forecasts, Europe automotive coatings market is likely to surpass USD 5 billion by the end of 2026 owing to rising demand for sustainable solutions and shift towards electrical vehicles”
Key market players in the automotive coatings industry are engaged in new product development and marketing initiatives to further consolidate their market position. Manufacturers are also expanding their product portfolio by offering targeted, eco-friendly, and complaint friendly solutions in an attempt to stay competitive in market sphere. Important players in the market include Solvay S.A., Lord Corporation, Bayer AG, PPG Industries, BASF SE, Nippon Paint Holdings, AkzoNobel N.V., Sherwin Williams Company, Arkema SA, Cabot Corporation, and Jotun.
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